KARACHI: Pakistani stocks closed slightly higher on Tuesday, settling at a record high for the second straight session, supported by telecom shares.

The Karachi Stock Exchange (KSE) benchmark 100-share index nudged up 0.41 points to 16,251.79 – the highest ever settlement and within striking distance of the market’s peak of 16,292.45 points reached in intra-day trading on Nov 12.

Telecoms firm PTCL surged 3.05 per cent, or 0.54 rupees, to 18.22 per share, while DG Khan cement  rose 0.26 per cent, or 0.14 rupees, to 53.75 per share.

Fauji Cement fell 1.6 per cent, or 0.11 rupees, to 6.76 per share and Jahangir Sidiqui dropped 5.93 per cent, or 1.0 rupees, to 15.86 per share.

In the currency market, the Pakistani rupee strengthened at 95.90/95.97 to the dollar, compared to Monday’s close of 96.01/96.06.

Overnight rates in the money market ended at 9.90 per cent compared to Monday’s close of 9.25 per cent.